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Wole Oshin
Chairman, UPDC Plc.

Chairman's Message

UPDC is a foremost real estate development and facilities management business delivering integrated offerings to our customers. We provide attractive real estate, as well as first class property and facilities management services.

Our core business objectives are to rapidly scale our property development and facilities management businesses, improve liquidity through the sale of non-strategic assets and reduce our debt obligations.

UPDC operates in the Nigerian real estate industry which has an incredible potential for scale. Effectively harnessing this opportunity requires access to the appropriately structured funding.

I am delighted about the significant milestone we achieved with the successful conclusion of our N16 billion rights issue in 2020, proceeds of which were used to strengthen our capital base and position us for growth. This achievement is a result of the hard work and resilience displayed by the management team over the past two years, where we refined our strategy to market and strengthened the company’s corporate governance structure.

Following Custodian Investment Plc’s acquisition of a majority shareholding in the Company, UPDC is now proudly a member of the Custodian Investment Group.

The UPDC team is in a strong position to continue to create value for all stakeholders by executing high yielding projects. We trust we can count on your continued support and are grateful for the confidence shown in us.

Wole Oshin

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Notice of 2021 AGM
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2021 AGM PROXY FORM

Our board and management have remained agile during this COVID-19 disruption. Our business continuity plan was activated as soon as the Federal Government announced a lockdown, therefore, our operations, while disrupted will continue during the lockdown.

 

Click on the download link to read more on the impact of COVID-19 on our business.

Statement of Comprehensive Income
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2020 Annual Report
Financial Statements
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2019 Annual Report

Custodian Investment To Acquire 51% Stake in UPDC

The board of directors of UAC of Nigeria Plc has announced that a binding agreement has been signed with Custodian Investment Plc for Custodian to purchase a 51 per cent equity interest in UACN Property Development Company Plc.

The agreement, according to the statement obtained from the Nigerian Stock Exchange, marks the beginning of a partnership between Custodian and UAC that will achieve both companies’ respective objectives in the real estate industry.

UPDC & UAC Joint Investor Call Presentation & Recording

UAC of Nigeria PLC (“UAC” or “Holdco”) is a holding company that owns businesses with some of Nigeria’s strongest brands and widest distribution

UPDC & UAC Joint Announcement on Proposed Transactions

The Boards of Directors of UAC of Nigeria Plc (“UAC”) and UACN Property Development Company Plc (“UPDC” or the “Company”) (collectively the “Boards”, individually the “Board”) wish to inform The Nigerian Stock Exchange (“The Exchange” or “The NSE”), their shareholders and stakeholders that they are considering strategic initiatives involving a recapitalization and restructuring of UPDC.

 

These initiatives are still subject to the review and approval of the Securities and Exchange Commission (the “SEC”), and The NSE (collectively the “Regulators”) and shareholders of both companies.

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UPDC & UAC Joint Announcement on Proposed Transactions Document

The UPDC Rights Issue has been successfully completed

UACN Property Development Company Plc Rights Issue of 15,961,574,145 Ordinary Shares of 50 kobo each at N=1.00 per Share on the basis of 43 new Ordinary Shares for every 7 Ordinary Shares held as at the close of business on Monday, 30 September 2019.

 

The rights being offered in this Rights Circular are tradable on the floor of The Nigerian Stock Exchange for the duration of the Acceptance Period of the Issue.

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UPDC Rights Issue
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Unclaimed Dividend List as at December 2020
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Unclaimed Dividends as at May 2019
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Unclaimed Dividends as at April 2018

Notice of AGM

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Notice of 2020 AGM + Proxy Form
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Notice of 2019 AGM

UPDC 2020 Annual General Meeting

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UPDC Security Trading Policy
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Whistle Blowing Policy, July 2015
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UPDC Complaints Management Policy

UPDC REIT

UPDC REIT is a close-ended property fund with underlying assets comprising a diversified portfolio of commercial and residential real estate assets in major cities across Nigeria.

The UPDC REIT unbundling Initiative:

  • Another initiative, aimed at unlocking value for UPDC shareholders and enabling UPDC focus on core operations, is the proposed unbundling of a substantial portion of UPDC’s units in UPDC Real Estate Investment Trust (“UPDC REIT” or the “REIT”) (the “Unbundling”)
  • Requisite regulatory approvals have been received and the Court-Ordered Meeting (“COM”) for shareholders to approve the Unbundling was held on 26 October 2020

The Unbundling will benefit UPDC shareholders:

  1. Direct exposure to the REIT and its diversified portfolio of income generating assets, ensuring that shareholders directly benefit from the dividend of the REIT
  2. The Unbundling is expected to materially increase the free float and liquidity in UPDC REIT units.
  3. Streamlined and focused operations for both UPDC and the UPDC REIT
  4. Provides UPDC with more operational and financial flexibility to embark on the next phase of growth and take advantage of emerging opportunities

The unbundling is to be implemented via a Scheme of Arrangement under Section 715 of CAMA incorporating a reduction in share capital under Section 131 of CAMA:

  • UPDC REIT units will be allocated to all UPDC shareholders based on the respective shareholding in UPDC at the time of the unbundling
  • UPDC will maintain a 5% holding in UPDC REIT to maintain its role as the REIT Sponsor
  • UPDC’s share capital will be reduced by the value of the transferred units through the reduction of its share premium account
  • The number of REIT units each Eligible Shareholder shall be entitled to receive will be calculated by multiplying the number of UPDC shares held by each Eligible Shareholder by the Allocation Ratio

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Confirmation/Acknowledgements:

  • No guarantee of availability of property until payment received in full
  • Buyer is responsible for payment of fees to any agent engaged by Buyer
  • Buyer shall make and rely upon its own inquiries and shall satisfy itself in all respects in relation to the title and property conditions
  • Payment for the property shall be made only to UPDC’s designated account. UPDC has not authorized any agent to collect payment on its behalf.

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Confirmation/Acknowledgements:

  • No guarantee of availability of property until payment received in full
  • Buyer is responsible for payment of fees to any agent engaged by Buyer
  • Buyer shall make and rely upon its own inquiries and shall satisfy itself in all respects in relation to the title and property conditions
  • Payment for the property shall be made only to UPDC’s designated account. UPDC has not authorized any agent to collect payment on its behalf.
  • In the unlikely event that UPDC does not commence the development within 12 months of receipt of the holding deposit, the holding deposit will be refunded to the buyer.